Summit Notebook

Nasser al-Sheikh, chairman of the Dubai-based mortgage lender Amlak Finance, says he is aiming for a 70 percent rise in 2008 profit on increased lending at home and contributions from foreign operations.

Hussain al-Qemzi, Noor Islamic Bank chief executive, tells Reuters Islamic Finance summit that Islamic banks are now part and parcel of the global banking industry. Qemzi is seeking to expand his United Arab Emirates-based bank to become the world’s largest Islamic bank in five years.

Asif Mumtaz, regional head of HSBC’s Islamic finance arm HSBC Amanah, called for more innovation to move Islamic banking further towards the industry’s mainstream. Mumtaz told a Reuters Islamic Finance summit in Dubai that there remained plenty to do in the areas of regulation and human development.

Geert Bossuyet, managing director, regional head of Middle East structuring at Deutsche Bank, sees the volume of Islamic bond sales in Gulf Arab countries could reach $20 billion this year. Bossuyet told the Reuters Islamic Finance summit in Dubai he expected the market to pick up in the second half of 2008 with the fourth quarter the most promising.